Action on P S C Holding
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of 28 companies under Section 45-IA(6) of the RBI Act, 1934. The entities are various NBFCs/finance and investment companies, and the order states that they shall not transact the business of a Non-Banking Financial Institution under the RBI Act.
The Reserve Bank of India exercised powers under Section 45-IA(6) of the RBI Act, 1934 to cancel the Certificate of Registration of 28 companies. The listed entities included various NBFCs/finance and investment companies across Delhi, West Bengal, Punjab, Chandigarh, Telangana and Uttarakhand. As a result, these companies shall not transact the business of a Non-Banking Financial Institution as defined in Section 45-I(a) of the RBI Act, 1934.
Severity Assessment
Certificate of Registration cancellation is a severity-5 action because it removes the entity's authorization to operate as an NBFC.
The affected companies lose their NBFC registration and cannot carry on non-banking financial business going forward. Customers, borrowers, and counterparties should no longer treat these entities as authorized NBFCs.
Published as P S C Holding Private Limited
Published as Goyal Intra Private Limited
Published as Navin Udyog Promotions Ltd.
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